AmTrust Financial Services, Inc. (Nasdaq:AFSI) announced that it had entered into an agreement to acquire CyberComp, the workers’ compensation business unit of Swiss Re, in a renewal rights transaction.
CyberComp has emerged in less than a decade as one of the leaders in internet-based mono-line workers’ compensation. Utilizing a fully digitalized platform, CyberComp allows agents to enter data, get quotes and issue policies in a matter of minutes. Serving the workers’ compensation needs of small to medium-sized employers in 26 States, CyberComp distributes through a network of 13 regional wholesale agencies and over 600 retail Agents. In the 12 month period ending June 30, 2009, net written premium totaled approximately $100 million.
“We are delighted to welcome CyberComp into our AmTrust family,” stated Barry Zyskind, President and CEO of AmTrust. “CyberComp has long set a standard of excellence and innovation in the small workers’ compensation market. This renewal rights acquisition offers us an opportunity to obtain and develop a book of business that is an appropriate and complementary fit to our business. We look forward to working closely with our new colleagues, employees and producers at CyberComp in the months ahead as we continue together to expand our workers’ compensation business.”